Hyundai Steel has net loss in 2020

04/02/2021

Hyundai Steel, a South Korea-based steel making company, reported that it had a net loss of 440 billion won in 2020, compared to a net loss of 26 billion won in the previous year. Due to weak demand from the automotive and shipbuilding industries, the prices and sales in the steel industry have been severely impacted.

According to Hyundai Steel, its sales volume of this year might decrease to roughly 19.34 million tons.

Global steel demand was expected to be around 1.8 billion tons due to the recovery of global economic activities, including 364 million tons from developed countries and about 1.4 billion tons from emerging countries, of which 980 tons will be from China.

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